FERNANDO CARDIM DE CARVALHO, FINANCIAL SYSTEMS, AND THE FINANCING OF CAPITAL ACCUMULATION

ABSTRACT This paper revisits the contributions of Professor Fernando Cardim de Carvalho on the theme of the financing of capital accumulation in monetary economies. It highlights two functions that ideally should be fulfilled by the financial sector to allow market economies to sustain growth and avoid financial instability. The first one relates to ensuring the additional supply of liquidity created by hikes in production and investment (finance motive). The second refers to the provision of mechanisms to fund long-term undertakings, therefore softening the tendency to financial fragility (funding) along the process. The article builds on the foundations put forth by Cardim to suggest that private financial institutions often fail to fulfill these functions due to informational problems and uncertainty, especially in the phase of structural transformation. It concludes by advocating the need for public policies to develop financial markets and instruments that are appropriate to support economic development, which involves transformational investments.摘要：本研究重新审视费尔南多·卡迪姆·德·卡瓦略（Fernando Cardim de Carvalho）教授关于货币经济中资本积累融资主题的学术贡献。研究明确了金融部门为实现市场经济持续增长、规避金融不稳定，在理想状态下应当履行的两项核心职能：其一为保障生产与投资扩张所催生的额外流动性供给（融资动机，finance motive）；其二为构建长期事业的筹资机制，借此弱化进程中金融脆弱性的滋生趋势（筹资，funding）。本研究依托卡迪姆奠定的理论框架，指出私人金融机构往往因信息问题与不确定性，无法履行上述两项职能，这一局限在结构转型阶段尤为显著。研究最终提出，需制定公共政策以发展适配经济发展需求的金融市场与金融工具，此类政策需涵盖转型性投资范畴。